August 19, 2008
Alpharetta's Finance Department will retain its "home" in the Ga. 400 Center at 2400 Lakeview Parkway after entering into a one-year lease with Metropolitan Life, its landlord.
The Finance Department moved into Ga. 400 Center in 2003 when city staff outgrew the limited confines of City Hall. The five-year lease was set to expire Oct. 5. Through negotiations the city was able to enter into a one-year lease, which is required by state Code because a municipality cannot make a commitment that Finance Director Tom Harris said "would basically be like having a general obligation debt."
Alpharetta will pay $21 per square foot for the 4,105 square feet of Class A office space, with a 3 percent increase over the next two years if it chooses to renew.
Ted Schwartz of Ackerman and Co., the city's real estate broker, said being limited to a one-year lease cost the city 50 cents per square foot, which he said was worth it to meet its needs and legal requirements.
- www.northfulton.com
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